In trading on Wednesday, KeyCorp’s 5.650% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F (Symbol: KEY.PRJ), yielded over 7% based on its quarterly dividend of $1.4125, with shares dipping as low as $20.14. This yield is significantly above the average of 6.77% in the Financial preferred stock category.
Currently, KEY.PRJ is trading at a 17.00% discount to its liquidation preference, exceeding the category average discount of 10.42%. Notably, these shares are non-cumulative, meaning missed dividend payments do not need to be paid back before resuming payments to common shareholders. On Wednesday, KEY.PRJ was down approximately 1.1%, while common shares (Symbol: KEY) remained flat.
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